IBERSOL Annual Report and Consolidated Accounts 2017

Report on Corporate Governance 21. Division of powers between the different boards, committees and/or departments within the company, including information on delegating responsibilities, particularly with regard to the delegation of powers, in particular with regard to the delegation of daily management of the Company. Two of the members of the Board of Directors perform executive functions and form an Executive Committee, which was elected and has delegated powers by the Board of Directors under the terms of art. 8.4 of the Bylaws of the Company. The third director performs non- -executive functions. The executive committee coordinates the operations of the functional units and the various businesses, meeting with the senior managers of these units and businesses on a regular basis. The decisions taken by the functional and business managers, which must respect the overall guidelines, are taken under powers delegated by the Executive Committee and are coordinated in periodic meetings. The powers delegated to the Executive Committee are as follows: a) Exercise full powers of decision making, management and monitoring of the Com- pany’s activity at a strategic level, within the legal limits of art. 407.4 of the CSC. b) Develop, plan and schedule the actions of the governing body, in the Company’s internal and external plan for the year, so as to achieve the corporate objectives in accordance with the Company’s mission, in particular assisting the Board of Direc- tors in the proper verification of the instruments of supervision of the economic and financial situation and in the exercise of the control function over the companies belonging to the Ibersol Group. c) It is responsible for assisting the Board of Directors in the updating of its structures of advice and functional support; in the procedures of the companies belonging to the Ibersol Group, in line with the changing needs of the business, defining the pro- files and characteristics of their strategic partners, customers, workers, employees and other agents; and in the conduct of the Group’s relationships with its environ- ment, acquiring, disposing and encumbering movable property and establishing or terminating cooperation agreements with other companies. 150